The Chairman of the Bangladesh Securities and Exchange Commission (BSEC), Professor Shibli Rubayat-Ul-Islam, has stated that there is currently no consideration of raising the floor price on each share.
The Chairman clarified this information on Saturday (December 9). He affirmed that the floor price is set with the security of investors in mind. Recent reports speculating an increase in the minimum share price are considered baseless at the moment, and the Commission has not made any decision regarding raising the floor price.
Professor Shibli Rubayat-Ul-Islam further stated that transactions in the stock market are expected to increase after the upcoming twelfth National Parliament elections. With a more active economy, decisions regarding the floor price may be revisited at that time. However, as of now, there has been no decision from the Commission regarding an increase in the floor price.
It is noteworthy that the BSEC has implemented floor prices on shares three times in the last four years to safeguard investors and prevent market crashes. Although the floor price was first introduced in March 2020, it was enforced again in July 2021. The initiative proved effective as, on the very first day of the floor price’s enforcement, the Dhaka Stock Exchange (DSE) witnessed a significant rise in the main index, DSE X, gaining 153 points. Additionally, the market capitalization of the DSE increased by Tk 21 billion during the first week of the floor price implementation on July 31.
Beximco Taps Iqbal Ahmed as New Managing Director
Beximco Pharmaceuticals has announced the appointment of Iqbal Ahmed, a current director, as the new managing director for a five-year term.
hmed, who has been serving on the board since 1985, will assume the role pending approval from shareholders at the upcoming annual general meeting. The move follows the resignation of the company’s former managing director, Nazmul Hasan, who stepped down from the position after assuming a ministerial role in the government.
6 More Companies to Enter ‘Z’ Categories Starting Tomorrow
Starting tomorrow, Monday (March 4), shares of six companies will be transferred to the ‘Z’ category on the Dhaka Stock Exchange, as directed by the Bangladesh Securities and Exchange Commission (BSEC).
The decision stems from various factors, including the failure to host the annual general meeting, production shutdown for over six months, and many other reasons.
However DSE mentioned two companies from the textile sector, two from the pharmaceutical and chemical sector, one from the financial sector, and one from the insurance sector. The affected companies are Prime Textile, Prime Finance, New Line Clothings, Far East Islamic Life Insurance, AFC Agro Biotech, and Active Fine Chemicals Limited. The ‘Z’ category is typically assigned for companies facing financial troubles or regulatory issues, signaling caution for investors.
Grameenphone’s Stock Plunge 8.72% after Lifting Floor
The stock of Grameenphone (GP) experienced a significant decline of 8.72% immediately after the removal of the floor price restriction.
According to the directive of the Bangladesh Securities and Exchange Commission (BSEC), the floor price restriction on shares of Grameenphone Limited is set to be lifted from today, March 3rd.
Yesterday, GP shares were traded at Tk286.60 each. However, Today, experiencing a drop of Tk25.00 from the opening price at the Dhaka Stock Exchange (DSE). The session witnessed the exchange of a total of 7 lakh 43 thousand 710 shares, amounting to Tk19 crore 46 lakh.
This downturn in GP stocks had a notable impact, resulting in a decline in the key index DSEX, settling at 6,215 by the end of the day trading. The Bangladesh Securities and Exchange Commission (BSEC) had earlier issued a directive to withdraw the floor price restriction on Grameenphone stocks on 3 March. The floor price is the lowest set by the securities regulator, determining the minimum price at which a stock can be traded. In January, the BSEC lifted the floor price for most stocks, 18 months after its introduction.
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